A Barrel Fulll Archive

13 January 2016 Premier Oil today announces it has agreed to acquire the whole of E.ON's UK North Sea assets for a net consideration of $120 million plus working capital adjustments. The proposed acquisition, which will be funded from existing cash resources, adds immediate cash generative production, realises tax synergies on Premier's current c.$3.5bn UK tax loss position and is accretive to lending covenants. The assets being acquired are located in the Central North Sea, West of Shetlands and the Southern Gas Basin and add stable UK gas revenues to the portfolio rebalancing Premier's commodity exposure. Tony Durrant, Chief Executive, commented: "We are pleased to have agreed this value accretive deal as we continue to execute our strategy of focusing the portfolio on our core regions. Having recently completed the sale of our Norwegian assets for $120 million, this transaction allows us to further consolidate our interests in the UK North Sea where any acquisition...

29 May 2012 EnQuest PLC today announces an agreement with the Kuwait Foreign Petroleum Exploration Company (‘KUFPEC’), by which EnQuest will farm out a 35% interest in EnQuest’s Alma and Galia oil field developments (‘Alma/Galia’) to KUFPEC. Under the agreement, which is subject to regulatory approvals, KUFPEC is to invest a total of approximately US$500m in cash (around £300m), comprised of up to $182m in future contributions for past costs and a development carry for EnQuest, and of KUFPEC’s direct share of the development costs.  Amjad Bseisu, Chief Executive of EnQuest PLC, said  “EnQuest is pleased to be working with KUFPEC again and to have them as our partner in the Alma/Galia development. With start up planned for late next year, the project team is well advanced in the execution phase and our first Alma well has reached ‘TD’ (total depth) with good results.”  Nizar M. Al-Adsani, Chairman & Managing Director of KUFPEC, said  “In keeping with KUFPEC’s st...

First oil from the Alma/Galia development was achieved on 27 October 2015 following final commissioning of all the required systems.  EnQuest CEO Amjad Bseisu said: “We are pleased to confirm first oil from Alma/Galia. A further summary will be provided in EnQuest’s next operations update. We will continue to open up additional wells, with full production rates expected from early 2016.”  Notes  The Alma/Galia fields are located in blocks 30/24c and 30/25c respectively, 310km southeast of Aberdeen, in the Central North Sea. Production is via the EnQuest Producer Floating Production, Storage and Offloading vessel (‘FPSO’).  At the start of 2015, EnQuest’s 65% working interest in Alma/Galia was estimated to amount to c.26 MMboe of net 2P reserves. EnQuest is the operator of the joint Alma/Galia development.  Alma, formerly the Argyll field, was the first commercially produced oil field in the UKCS and produced oil in the early ‘90s at relatively low water cut us...

July 14, 2016  Par Pacific Holdings, Inc. (NYSE MKT: PARR) ("Par Pacific") announced today that it has successfully completed its acquisition of Hermes Consolidated, LLC (dba Wyoming Refining Company ) for a total consideration of approximately $271.4 million, including the assumption of approximately $58 million of debt (the "Acquisition"). The Acquisition was funded using a combination of net proceeds from the Company's offering of $115 million aggregate principal amount of 5.00% Convertible Senior Notes due 2021 that closed in June 2016, an offering of $52.6 million aggregate principal amount of 2.50% Convertible Subordinated Bridge Notes that closed contemporaneously with the Acquisition (the "Bridge Notes"), a $65 million term loan to a newly established subsidiary of Par Pacific that closed contemporaneously with the Acquisition, and cash on hand. Par Pacific intends to repay the Bridge Notes, or a portion thereof, with proceeds from an anticip...

Nov 01, 2021 Equilon Enterprises LLC d/b/a Shell Oil Products U.S. (Shell), a subsidiary of Royal Dutch Shell plc, has completed the sale of its Puget Sound Refinery near Anacortes , Washington to a subsidiary of HollyFrontier Corporation, an independent refiner headquartered in Texas (HollyFrontier), for $350 million in cash plus the value of the hydrocarbon inventory, subject to customary closing adjustments. The agreement covers the sale of Shell’s Puget Sound Refinery, the on-site cogeneration facility and the associated logistics infrastructure. Shell will retain product offtake agreements to support its existing retail marketing business in the Pacific Northwest. Shell’s off-site logistics assets are excluded from the sale. Notes to editors On May 4, 2021, Shell and HollyFrontier Corporation announced that they had signed a sales agreement for HollyFrontier to acquire Shell’s Puget Sound Refinery near Anacortes, Washington. The value attributed to the hydrocarbon inventory at cl...

August 16, 2023 HF Sinclair Corporation (NYSE: DINO) (“HF Sinclair”) and Holly Energy Partners, L.P. (“HEP” or the “Partnership”) (NYSE: HEP) announced today that they have entered into a definitive merger agreement for HF Sinclair to acquire all of the outstanding common units (“Common Units”) of HEP not owned by HF Sinclair or its affiliates in exchange for a combination of common stock, par value $0.01 per share, of HF Sinclair (“Common Stock”) and cash. The agreement provides for consideration of both stock and cash in which each holder of Common Units would receive a combination of 0.315 shares of Common Stock and $4.00 in cash, without interest, for each publicly held Common Unit (the “Proposed Transaction”). The Proposed Transaction consideration represents an approximate 2% premium to the closing price of HEP’s Common Units as of August 15, 2023. HF Sinclair’s Chief Executive Officer and President, Tim Go, commented, “We are pleased to announce this strategic transaction which ...

Apr. 30, 2012 Energy Transfer Partners, L.P.(NYSE: ETP) and Sunoco, Inc.(NYSE: SUN) today announced that they have entered into a definitive merger agreement whereby ETP will acquire Sunoco in a unit and cash transaction valued at $50.13 per share, or a total consideration of approximately $5.3 billion, based on ETP’s closing price on April 27, 2012. This combination will create one of the largest and most diversified energy partnerships in the country by expanding ETP’s geographic footprint and strengthening its presence in the transportation, terminalling and logistics of crude oil, NGLs and refined products. The merger consideration, which consists of $25 in cash and 0.5245 of an ETP common unit, or approximately 50 percent cash and 50 percent ETP common units, represents a 29 percent premium to the 20-day average closing price of Sunoco shares as of April 27, 2012. By acquiring Sunoco, ETP will also own Sunoco’s general partner interest and the incentive distribution rights (IDRs) ...